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Yes, the purpose of calibrating the meter is to get an accurate idea of how much charge you have left and how long you can go on a single charge.
My guess is you've been charging to 100% and leaving it there for long periods since you don't read very much, and that's caused the battery to degrade. Once the meter is calibrated and you have a better idea of how long the battery will last in its current state, you can decide whether you want to continue as is, replace the battery, or replace the device.
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